Depends how you look at worth, year 1 in 2011 was $109k inflation makes that worth $151k in Australia today, but current base is $145k. For a year 4 $119k in 2011 is worth $162k today, current EBA is $157k. That's an erosion, as it has not kept pace with inflation.
I've been in the game long enough to see the swings and roundabouts at work. The gap between QF and the others has definitely waned over the past 30 years. You only get OT when OT is available, plenty right now, what happens when the music stops and your chair is fixed.